NORTH
CANTON, Ohio, Oct. 16,
2023 /PRNewswire/ -- The Timken Company (NYSE:
TKR; www.timken.com), a global leader in engineered bearings and
industrial motion products, has reached an agreement to acquire
Engineered Solutions Group (a.k.a. Innovative Mechanical Solutions
or iMECH), based in Houston,
Texas. iMECH manufactures thrust bearings, radial bearings,
specialty coatings and other components primarily used in the
energy industry. The business employs approximately 70 people and
projects revenue of approximately $30
million for calendar year 2023.
"The acquisition of iMECH allows us to build on our global
leadership in engineered bearings by increasing our product breadth
and providing exciting cross-selling opportunities," said
Andreas Roellgen, executive vice
president and president of Engineered Bearings at Timken. "iMECH
partners with the largest and most recognizable energy services
companies, delivering highly engineered bearings for extremely
demanding applications."
Timken will fund the transaction with a combination of cash on
hand and its existing revolving credit facility. The deal is
subject to customary closing conditions and is expected to close in
the fourth quarter.
About The Timken Company
The Timken Company (NYSE:
TKR; www.timken.com) designs a growing portfolio of
engineered bearings and industrial motion products. With more than
a century of knowledge and innovation, we continuously improve the
reliability and efficiency of global machinery and equipment to
move the world forward. Timken posted $4.5
billion in sales in 2022 and employs more than 19,000 people
globally, operating from 46 countries. Timken has been recognized
among America's Most Responsible Companies by Newsweek,
the World's Most Ethical Companies® by
Ethisphere, America's Most Innovative Companies by
Fortune and America's Best Large Employers, Best
Employers for New Graduates and Best Employers for Women
by Forbes.
Safe Harbor
Certain statements in this release (including statements
regarding the company's forecasts, estimates, plans and
expectations) that are not historical in nature are
"forward-looking" statements within the meaning of the Private
Securities Litigation Reform Act of 1995. In particular, the
statements related to expectations regarding the expected future
financial performance of the newly acquired business are
forward-looking. The company cautions that actual results may
differ materially from those projected or implied in
forward-looking statements due to a variety of important factors,
including: the inability to successfully integrate the newly
acquired business into the company's operations or achieve the
expected synergies associated with the acquisition; negative
impacts to the newly acquired business as a result of global
conflicts and hostilities; and adverse changes in the markets
served by the newly acquired business. Additional factors are
discussed in the company's filings with the Securities and Exchange
Commission, including the company's Annual Report on Form 10-K for
the year ended Dec. 31, 2022, quarterly reports on Form 10-Q
and current reports on Form 8-K. Except as required by the federal
securities laws, the company undertakes no obligation to publicly
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise.
Media Relations:
Scott Schroeder
234.262.6420
scott.schroeder@timken.com
Investor Relations:
Neil Frohnapple
234.262.2310
neil.frohnapple@timken.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/timken-to-acquire-engineered-solutions-group-imech-expanding-engineered-bearings-portfolio-301956505.html
SOURCE The Timken Company